PKR falls by Rs1.97 against dollar in interbank

KARACHI: The Pakistani rupee on Wednesday registered losses against the US dollar, depreciating 0.71% in interbank a day after witnessing massive gains.

At close, the currency settled at 277.41, a decrease of Rs1.97, as per the State Bank of Pakistan (SBP).

Interbank closing #ExchangeRate for today https://t.co/bEc8JzBqmc#SBPExchangeRate pic.twitter.com/1HiPf51IIk

— SBP (@StateBank_Pak) July 5, 2023

As a result of the agreement reached with the International Monetary Fund (IMF), the Pakistani rupee strengthened significantly versus the US dollar on Tuesday, rising 3.83% in the interbank market to close at 275.44.

The currency is anticipated to trade around the area of 275, according to the analyst.

In a related development, Moody’s Investors Services on Tuesday said Pakistan government’s liquidity risks remain high despite the IMF’s staff-level agreement.